Nigerian lawmakers propose a draft bill to increase central bank's gold usage and buying in reserves.

Nigerian lawmakers propose a draft bill to expand the central bank's role in using gold to strengthen the nation's reserves, as inflation surges following economic reforms. The proposed policy includes designating the central bank as the automatic buyer of all gold produced in Nigeria, aiming for at least 30% of the country's external reserves to be gold. Currently, gold only accounts for 4% of Nigeria's $34.8 billion reserves.